If you enjoy the forum please consider supporting it by signing up for a NES Membership The benefits pay for the membership many times over.
Did BofA tell you that? While any business, including a bank or credit union, can drop you as a customer at any time, they don't have to give you a reason -- it's in their best interest not to.Some credit cards will cancel your account if they determine you are buying guns or ammo. Bank of America is known to do that. They did it to me.
I have used Chase and Capital One cards the last few years and have not had any problems so far.
What GL2020 said in comment #60This reasoning makes no sense.
You can be fingerprinted for work and not be on a gun owners list.
Dude, you said you were fingerprinted for a job in Finance. What is described in post #60 is a lot more than fingerprinted for a Finance job.What GL2020 said in comment #60
Mrs 2020 was a Director at BOA for here last 6 years of a 25 year tenure. She retired 2021, and then promptly went to work at a smaller well known bank in RI.Did BofA tell you that? While any business, including a bank or credit union, can drop you as a customer at any time, they don't have to give you a reason -- it's in their best interest not to.
BofA is horrible in a lot of ways, but terminating individual consumer credit cards because BofA recognizes the stores you are buying from as purveyors of guns, ammo?
I used that card only for guns and ammo. They did give me a reason and it was “continuous breach of contract”. I was never behind on payments and always in good standing. My fico did t change either nor they pulled it before the cancellation. So… I cannot think of another reason why would they drop me. I also inquired about this on a credit card forum and was told I am not an exception… lastly in my line of work I am very well connected so I reached to my BofA counterpart and he told me “yeah, we do that”…Did BofA tell you that? While any business, including a bank or credit union, can drop you as a customer at any time, they don't have to give you a reason -- it's in their best interest not to.
BofA is horrible in a lot of ways, but terminating individual consumer credit cards because BofA recognizes the stores you are buying from as purveyors of guns, ammo?
Damn, and here I thought the Northbound side was "Pickle Park" for the longest time. It's no wonder.....oh wait....nevermind...carry on gentlemen.
I’m not convinced there is any advantage that outweighs the disadvantages.What’s your opinion on why you don’t use credit card?
Theft, loss, etc? Steal my credit card (physically, or online) and I'm out nothing but a bit of inconvenience. $0 fraud liability.I’m not convinced there is any advantage that outweighs the disadvantages.
FICO said:KEY FACTOR(S) AFFECTING YOUR FICO® SCORE: Length of time accounts have been established
FICO® Scores consider the age of a person's oldest account and/or the average age of accounts. Your score was impacted by the relatively low age of your oldest account and/or the average age of your accounts. Keep in mind: People who do not frequently open new accounts and have longer credit histories generally pose less risk to lenders.
This......your buying a serialized item and recording it in your name on a 4473 with a background check.....and your worried about the man knowing via a CC transaction???? What??Tinfoil question or financial question?
I’m a gun shop. I charge my customers 3% more for using plastic. Ok, I give a cash discount (to be compliant with terms of service for MC and Visa). So many will pay cash to pay less. But if gku are getting 2% back it’s close to a wash.
Tinfoil, ok. I’m coded as sporting goods (for now) in the system. They don’t know you bought a gun but they can deduce it based on the amount charged. So what. Fa10. 4473. Plenty of paper trail out there.
The only thing paying plastic for that makes NO SENSE is 80% frames or lowers.
The guy in the alley with the van on takes cash.What’s everyone opinion on purchasing firearms with credit cards? Or do you strictly use cash?
So that's why mine went from 847 to 833. Wow....killer.I am too old and poor to use credit cards anymore (and pay a 3% average premium... no thanks!), so I must use cash for guns & ammo. I feel better doing that anyway after my bad experiences with credit card issuers and all that stuff about the big credit card issuers helping the Leftist Deep State figure out who attended January 6th in Washington. Just don't trust the big banks any longer.
By the way, look at this change in the way they calculate your FICO score:
See what they did there? They figured that dirt poor old folks were benefiting numerically from the advanced age of their oldest account... so they put a stop to that by now using the average age of all your accounts. No wonder my FICO score took a sudden nose dive.
How do you buy airline tickets with cash? Im not joking...I've never done it.It’s a form of currency that can be used to buy anything, including flights, vs airline points which can be used for…flights.
I believe you are correct. Too many young folks have horrible credit scores. There have been several changes that I am aware of to help bring the scores of the young and irresponsible up to those of responsible adults. This is just one of them.So that's why mine went from 847 to 833. Wow....killer.
BTW.....most Boomers and Gen X are way better off financially than young people...this whole thing was about being "fair" probably
And he uses Peso's.I only use cash when buying guns utilizing the gun show loophole, or on the DARK WEB.
Lenders may pay lip service to DEI and "social credit" scores, but you can be damn sure their internal scoring model is purely based on risk, and the old-school kind of "equity". (Yes, all banks have a secret in-house score they apply when deciding to extend credit to an existing customer; they don't have to disclose your absolute score on their private mode, just what data they used, e.g. your NES posting history or your voting record).I believe you are correct. Too many young folks have horrible credit scores. There have been several changes that I am aware of to help bring the scores of the young and irresponsible up to those of responsible adults. This is just one of them.
I just take what I want. What is this concept of paying for stuff?I pay for guns with goats in the Khyber Pass. Guns for Goats.
That's absolute garbage unless we're talking a giant retail business. Everyone else just makes a bank drop.For a business, handling cash has a cost as well, conservatively estimated at upwards of 4%.
You are a true Millennial. I love you.I just take what I want. What is this concept of paying for stuff?
Shocked............ (not)JPMorgan Chase Freezes, Eliminates Bank Account Without Warning, Explanation or Redemption: New Accusations
JPMorgan Chase Freezes, Eliminates Bank Account Without Warning, Explanation or Redemption: New Accusations - The Daily Hodl
A customer at JPMorgan Chase reportedly says that their bank account was locked and later shut down after using payments app Zelle.dailyhodl.com
I've heard that "AI" is racist for sure.While everybody is raving over "Generative AI" like ChatGPT and Copilot, there's real work being done in the much less sexy field of "Predictive AI". Of course when the results come back that old white folk with stable jobs are the most likely to pay their loans off, it'll just be another case of "AI is Racist" and CFPB will kill it.
Sounds like you have some inside knowledge on that. One would hope it is true that lenders haven't completely lost their minds and that real credit risk does still matter. Sometimes, I'm not so sure about that.Lenders may pay lip service to DEI and "social credit" scores, but you can be damn sure their internal scoring model is purely based on risk, and the old-school kind of "equity". (Yes, all banks have a secret in-house score they apply when deciding to extend credit to an existing customer; they don't have to disclose your absolute score on their private mode, just what data they used, e.g. your NES posting history or your voting record).
Agreed. That's why they keep tinkering with it. I just get a bit upset when I see the tinkering changes lowering my credit score for no good reason.The raison d'être of a "Credit Score" is risk control, to quantify how likely a borrower is to "pay as agreed". Any scoring model which fails at this core purpose is worthless posturing. OTOH, a model which rejects applicants who in reality are good credit risks, however the scoring puts too much weight on one factor, is also a poor model.
The government has been driving people into the "shadow economy" and it's only going to get worse (mucho worse!) with millions of illegal aliens now invading the USA.Just like the "social credit" people, they don't like cash, because this "shadow economy" limits visibility (and thus the accuracy of their predictions).
"on the internet, everyone knows that you're a dog"
I've spent a fair amount of time in the back rooms of various banks over the years. Never seen the internals of the scoring model, rarely see the inside of the vaultSounds like you have some inside knowledge on that.
Agreed. That's why they keep tinkering with it. I just get a bit upset when I see the tinkering changes lowering my credit score for no good reason.
Problem comes when the government pushes the banks to pay more attention to "reputational risk" and keeping FedGov happy (as in Operation Chokepoint) than real financial risk -- or threatens adverse action against lenders on the basis of "disparate impact"?One would hope it is true that lenders haven't completely lost their minds and that real credit risk does still matter. Sometimes, I'm not so sure about that.
Yep. And Lord knows I am more than old enough to remember the sub-prime mortgage crisis and the huge damage it did. I guess that's why tinkering with credit scores to help raise the credit score for likely risky folks while lowering the score for proven solid folks scares me so much.To the extent that tinkering with the model (e.g. Experian’s Credit Boost,) allows lenders to identify "overlooked" good credit risk borrowers, it's a smart business practice -- but there's always the temptation for gov't and DEI folk to turn these efforts into affirmative action for borrowers, and we're back to subprime lending.